Page:United States Statutes at Large Volume 120.djvu/3282

 PUBLIC LAW 109–435—DEC. 20, 2006

120 STAT. 3251

results of its reconsideration to the Commission, the Postal Service, and Congress. SEC. 803. HEALTH INSURANCE.

(a) IN GENERAL.— (1) FUNDING.—Chapter 89 of title 5, United States Code, is amended— (A) in section 8906(g)(2)(A), by striking ‘‘shall be paid by the United States Postal Service.’’ and inserting ‘‘shall through September 30, 2016, be paid by the United States Postal Service, and thereafter shall be paid first from the Postal Service Retiree Health Benefits Fund up to the amount contained in the Fund, with any remaining amount paid by the United States Postal Service.’’; and (B) by inserting after section 8909 the following: ‘‘§ 8909a. Postal Service Retiree Health Benefit Fund ‘‘(a) There is in the Treasury of the United States a Postal Service Retiree Health Benefits Fund which is administered by the Office of Personnel Management. ‘‘(b) The Fund is available without fiscal year limitation for payments required under section 8906(g)(2)(A). ‘‘(c) The Secretary of the Treasury shall immediately invest, in interest-bearing securities of the United States such currently available portions of the Fund as are not immediately required for payments from the Fund. Such investments shall be made in the same manner as investments for the Civil Service Retirement and Disability Fund under section 8348. ‘‘(d)(1) Not later than June 30, 2007, and by June 30 of each succeeding year, the Office shall compute the net present value of the future payments required under section 8906(g)(2)(A) and attributable to the service of Postal Service employees during the most recently ended fiscal year. ‘‘(2)(A) Not later than June 30, 2007, the Office shall compute, and by June 30 of each succeeding year, the Office shall recompute the difference between— ‘‘(i) the net present value of the excess of future payments required under section 8906(g)(2)(A) for current and future United States Postal Service annuitants as of the end of the fiscal year ending on September 30 of that year; and ‘‘(ii)(I) the value of the assets of the Postal Retiree Health Benefits Fund as of the end of the fiscal year ending on September 30 of that year; and ‘‘(II) the net present value computed under paragraph (1). ‘‘(B) Not later than June 30, 2017, the Office shall compute, and by June 30 of each succeeding year shall recompute, a schedule including a series of annual installments which provide for the liquidation of any liability or surplus by September 30, 2056, or within 15 years, whichever is later, of the net present value determined under subparagraph (A), including interest at the rate used in that computation. ‘‘(3)(A) The United States Postal Service shall pay into such Fund— ‘‘(i) $5,400,000,000, not later than September 30, 2007; ‘‘(ii) $5,600,000,000, not later than September 30, 2008; ‘‘(iii) $5,400,000,000, not later than September 30, 2009; ‘‘(iv) $5,500,000,000, not later than September 30, 2010;

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